In a massive rebound from a 20 percent plunge last week, bitcoin surged Sunday to a record high above $11,700.

The digital currency hit an all-time high of $11,773.83, up 8 percent on the day, according to CoinDesk. That's 30.5 percent, or nearly $2,753, from a low of $9,021.85 hit Thursday.

The rapid recovery is the latest in bitcoin's wild swings. The cryptocurrency had crossed the closely watched $10,000 figure Tuesday and topped $11,000 Wednesday, only to drop more than $1,000 in a few hours amid high trading volume that exchanges initially struggled to keep up with.

On Monday, Nov. 27, former Fortress hedge fund manager Michael Novogratz predicted on CNBC's "Fast Money" that bitcoin could "easily" be at $40,000 at the end of 2018. But Novogratz said Tuesday at CoinDesk's Consensus Invest conference that cryptocurrencies like bitcoin are "going to be the biggest bubble of our lifetimes."